3.—(1) Section 26 of the Companies Act 1985 (“the 1985 Act") (prohibition on registration of certain names) is amended as follows.U.K.
(2) For paragraph (bb) of sub-section (1) M1, substitute—
“(bb)which includes, at any place in the name, the expressions “investment company with variable capital" or “open-ended investment company" or their Welsh equivalents (“cwmni buddsoddi â chyfalaf newidiol" and “cwmni buddsoddiant penagored" respectively);”.
(3) In subsection (3)(b), omit the word “and" after “cyhoeddus"); and at the end insert
“and “open-ended investment company" or its Welsh equivalent (“cwmni buddsoddiant penagored");”.
Marginal Citations
M1Subsection (1)(bb) was inserted by S.I. 1996/2827.
4.—(1) Section 199(2A) of the 1985 Act (interests to be disregarded in determining whether a person holds a material interest in shares) is amended as follows.U.K.
(2) In paragraph (bb) M2, for “investment company with variable capital" substitute “ open-ended investment company ”.
(3) In paragraph (d), for “(a), (b) or (c)" substitute “ (a), (b), (bb) or (c) ”.
Marginal Citations
M2Paragraph (bb) of section 199(2A) of the 1985 Act was inserted by S.I. 1996/2827.
5. In section 209(1)(h) of the 1985 Act (interests to be disregarded for purposes of obligation to disclose interests in shares) for sub-paragraph (iii) M3 substitute—U.K.
“(iii)by virtue of his being a depositary, within the meaning of the Open-Ended Investment Companies Regulations 2001, of an open-ended investment company.”.
Marginal Citations
M3Sub-paragraph (iii) of section 209(1)(h) of the 1985 Act was inserted by S.I. 1996/2827.
6. In section 220(1) of the 1985 Act (definitions for Part VI) omit the definition of “investment company with variable capital"M4 and insert after the definition of “material interest"—U.K.
““open-ended investment company" has the same meaning as in the Open-Ended Investment Companies Regulations 2001;”.
Marginal Citations
M4This definition was inserted by S.I. 1996/2827.
7. In section 716(2) of the 1985 Act (exemptions from prohibition on formation of any company, association or partnership with more than 20 members), for paragraph (e) M5 substitute—U.K.
“(e)of an open-ended investment company within the meaning of the Open-Ended Investment Companies Regulations 2001.”.
Marginal Citations
M5Paragraph (e) of section 716(2) of the 1985 Act was inserted by S.I. 1996/2827.
8. In section 718(2) of the 1985 Act (exemptions from application of Act to unregistered companies), for paragraph (d) M6 substitute—U.K.
“(d)any open-ended investment company within the meaning of the Open-Ended Investment Companies Regulations 2001.”.
Marginal Citations
M6Paragraph (d) of section 718(2) of the 1985 Act was inserted by S.I. 1996/2827.